Newly appointed Caribbean Development Bank (CDB) president Daniel Best has set out a bold vision for the transformation of the 55-year-old financial institution, emphasising action, innovation, and impact.

Outlining a clear mandate and an ambitious roadmap at the CDB’s annual news conference on March 20, he underscored the urgency of tackling the Caribbean’s development challenges with fresh thinking and decisive action.

Held in Bridgetown, Barbados, the annual news conference provided a platform for CDB to outline its strategic direction, review regional economic performance, and report on its 2024 achievements. The bank’s executives also shared economic projections for 2025 and CDB’s key priorities for the year ahead.

“As we look ahead, we face unprecedented challenges, from geopolitical tensions to shifting financial landscapes. But more importantly, the CDB has an opportunity for rebirth, a renewed focus on pioneering solutions that will make a tangible difference in the lives of Caribbean people,” Best said.

Elaborating on his vision, he outlined three core imperatives: innovate, transform, and thrive. With this renewed approach, CDB will leverage data for development, using analytics to drive evidence-based policy and investment.

The CDB head also highlighted the bank received a major endorsement from its contributors, who recently approved a historic US$460-million programme for the 11th cycle of the Special Development Fund (SDF). Covering 2025-2028, SDF 11 will finance climate resilience, poverty alleviation, social and economic infrastructure, and institutional capacity-building across the region.

In 2025, the bank will also launch at least three new financial products focused on green transition and private sector de-risking. Additionally, CDB will support the region’s sustainable energy transition and CARICOM’s goal to reduce food imports by 25 per cent by 2027, advancing energy and food security.

Best also reaffirmed the institution’s commitment to strengthening education across the Caribbean, ensuring that every student has access to high-quality learning opportunities. The CDB will play a pivotal role in fostering a dynamic and globally competitive private sector and advancing trade facilitation efforts to improve economic interconnectivity and create a more seamless business environment. Additionally, CDB will continue to champion initiatives that improve quality of life, prioritising crime reduction, safer communities, and greater gender equality to build a more inclusive and resilient Caribbean.

Internally, the bank will streamline its operations for greater agility, accelerating funding deployment, particularly for disaster risk management, a critical priority given the region’s climate vulnerabilities. The CDB head highlighted the bank’s support for countries affected by Hurricane Beryl in July 2024 and other climate events.

“CDB’s goal is to see the region thriving, with vibrant, sustainable economies and societies where all Caribbean people can succeed. Our people deserve nothing less than bold, decisive action. CDB stands ready to partner with governments, private sector actors, and development institutions to build a stronger, more resilient Caribbean,” Best emphasised.